RIP Franchises of our youths

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Bed Bath & Beyond files for bankruptcy, announces going-out-of-business sale before closing its doors for good
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Customers leave a Bed, Bath and Beyond store on August 31, 2022 in Larkspur, California. Photo credit Justin Sullivan/Getty Images

  By Joe Hiti, Audacy

an hour ago
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In a statement released Sunday morning, Bed Bath & Beyond announced that it had filed for bankruptcy. The company said its current plans are to sell off its merchandise and then go out of business.
The more than 360 Bed Bath & Beyond locations are expected to remain open for now, according to the company’s website.

“Thank you to all of our loyal customers. We have made the difficult decision to begin winding down our operations,” the statement said.

The company shared that closing sales at its locations, which includes its buybuy BABY stores, will start on Wednesday, as it begins the process of liquidating its inventory.
“Millions of customers have trusted us through the most important milestones in their lives – from going to college to getting married, settling into a new home to having a baby,” Sue Gove, Bed Bath & Beyond’s CEO, said in a statement. “We deeply appreciate our associates, customers, partners, and the communities we serve, and we remain steadfastly determined to serve them throughout this process.”
Anyone with one of the company’s well-known 20% off coupons will be able to redeem them Sunday, Monday, and Tuesday. But on Wednesday, they will stop accepting them, instead offering“deep discounts” as part of the going-out-of-business sale.

Bed Bath & Beyond, which was known for having everything and anything, now follows in the seemingly all-too-familiar trend of retailers from the last century that have been slow to adapt to the changing industry — like the millennial favorite Toys “R” Us. With the online shopping giant Amazon giving consumers the ability to buy everything from their couch, Bed Bath & Beyond has continuously seen its revenue dwindle.
“We missed the boat on the internet,” Warren Eisenberg, one of Bed Bath & Beyond’s founders who is no longer with the company, told Wall Street Journal in an interview.

The New Jersey-based company was founded in 1971 and operates locations in the U.S., Canada, Mexico, and Puerto Rico. But what was once a successful retail chain has now turned into a failing business, as the company’s bankruptcy filing says it has $5.2 billion in debt and assets of just $4.4 billion.
The company received $240 million in financing on Sunday, but the funds will only help it stay afloat long enough to close its stores and wind down operations.
Consumers are encouraged to seek out discounts at the store later this week. It also noted that anything purchased before Wednesday can be returned until May 24, with all sales happening after Wednesday being final. The store will also no longer accept gift cards on May 8.

There was a BB&B at the hub in Fremont. I frequented that during lunch breaks when I lived & worked I. Fremont.